RBNZ Chair Breman backs tightening, says it depends on economy

The notable signal is that the tightening bias is being framed as conditional rather than committed, which leaves the policy path hostage to incoming data. The explicit discussion of the currency's depreciation adds a second channel: a sustained decline feeds imported inflation, potentially forcing the central bank's hand even if domestic activity softens. That tension is what matters for rate-sensitive sectors and the currency itself. Whether the committee treats FX weakness as a trigger rather than a background risk is the open question.